Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts

Settlement?

Friday, September 28, 2012 - 4:05 PMChase Manhattan Bank - Details
Chase has offered a friend of mine the opportunity to settle his second mortgage. The first mortgage is for $315,000 with another bank, and a second with Chase is for $203,000. His first is up-to-date, but he has not made any payments for over six months on his second. Chase offer was if he pays $30,462.28 by the end of the month they would forgive the entire $203,000, plus interest and late payments on his second. According to three local realtors he has contacted his house is worth over $600,000. Does anybody know why Chase would intervene on their arrangement when on paper it looks as if they foreclosed, paid off the first, and then sold the home there would be more than enough equity for them to be made completely whole on their second mortgage. DW in WA
3
DWDW1 posts since
Sep 28, 2012
Rep Points: 3
1. Monday, October 8, 2012 - 5:57 PM
How much is the homestead exemption in WA? it might be that after applying the homestead exemption and paying the first mortgage less than 30K are left, so Chase is trying to get something.
1
Pepe99Pepe991 posts since
Oct 8, 2012
Rep Points: 1
2. Tuesday, October 9, 2012 - 1:45 PM
Homestead exemption in WA State is $120K. Maybe Chase thinks the house is worth less than it is.

If he has the money, and can afford the tax hit, it may not be a bad deal.

 
1
labyrinth9labyrinth91 posts since
Oct 9, 2012
Rep Points: 1
3. Monday, January 14, 2013 - 9:08 PM
It seems like a great deal!
1
pekpek1 posts since
Jan 14, 2013
Rep Points: 1
Reply